Indian Bank declares 3 accounts with exposure worth Rs 362 cr as fraud

Three non-performing accounts have been declared as fraud and have been reported to the Reserve Bank of India (RBI) as per regulatory requirement, Indian Bank said in a BSE filing.

The nature of fraud comes in the form of diversion of funds in all these cases, the bank said.
The nature of fraud comes in the form of diversion of funds in all these cases, the bank said.

Indian Bank on Friday said it has reported three non-performing accounts, including IL&FS Tamil Nadu Power Ltd, as fraud to the RBI and the public sector lender has a combined exposure of over Rs 362 crore to these companies.

Three non-performing accounts have been declared as fraud and have been reported to the Reserve Bank of India (RBI) as per regulatory requirement, Indian Bank said in a BSE filing.

The nature of fraud comes in the form of diversion of funds in all these cases, the bank said.

IL&FS Tamil Nadu Power has a fraud amount of Rs 320.34 crore against the bank, followed by Amico Textiles at Rs 30.98 crore and Sarbamangala Agro Products of Rs 11.26 crore.

The bank said it has made provisions of up to 100 per cent in all these three fraud accounts as of March 31, 2022.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

Most Read In Industry
Photos